What's the Value of My La Jolla Home?
The La Jolla real estate market is one of the most expensive in San Diego County. A virtual visit to La Jolla (see links below), or better yet in real life, will quickly give you a good sense of why this is so.
Having current, local information about La Jolla homes for sale is essential so you can make informed decisions about buying or selling a home in La Jolla. La Jolla is an expensive housing market, particularly for ocean view and ocean front homes and estates, for a number of reasons.
La Jolla, “The Jewel,” is an extraordinarily beautiful coastal community with many properties offering fabulous views of the ocean from the hills, and a trendy, up-scale village offering the finest in shopping and dining. La Jolla is often compared to the French and Italian Rivieras with spectacular ocean and coastline vistas, amazing homes, beautiful architecture, and a terrific year-round climate, attracting visitors from around the world.
The La Jolla real estate market saw 58 homes sell in December 2016, down 11% from last month. Here’s a summary of the real estate activity (these MLS summary data do not include private sales, and are believed to be accurate at the time this report was written but are not guaranteed).
TOTAL HOMES SOLD
58 (down 11%), 68 Days on Market, Ave. Sales Price $1,398,370 (up 12%), Ave. sale 95% of asking price
Detached Homes Sold
23 (down 18%), 63 Days on Market, Ave. Sales Price $2,088,130 (up 8%), Ave. sale 93% of asking price
Attached Homes Sold
35 (down 5%), 72 Days on Market, Ave. Sales Price $945,100 (up 30%), Ave. sale 95% of asking price
The overall volume of sales in the La Jolla real estate market dropped modestly for both single family detached and attached homes. In contrast average sales prices rose for detached (in part due to the sale of 3 homes over $4M), and especially for attached homes (due to the sale of 1 home at $5.9M).
La Jolla buyers negotiated, on average, 3 - 7% off list price; 10 homes (17%) sold at or above asking price. Days on market increased across the board. 34% of these transactions were cash, versus 32% last month.
The median sales price of detached homes increased to $1,815,000 (up 6%), abut declined for $682,000 (down 9%) for attached homes.
There was only 1 La Jolla homes with a contingent status at the end of December, compared to 0 as last month (these homes are still considered active, but have offers that are being reviewed by either the short sale or REO lenders and December not actually be accepting more offers or be available to tour).
There were 201 La Jolla homes on the market at the end of December, down 16% from November, another decline. This translates into an inventory of 5.3 months for detached homes (down from 6.2 months from last month), and 1.1 months for attached (down from 1.3 months for last month), based on the rate of sales over the last 6 months. The La Jolla real estate market remains a strong seller’s market for attached homes and currently is a balanced market for buyers of detached homes.
44 homes came on the La Jolla real estate market in December, down 30% from November; 34 homes went pending (excluding those that closed escrow), down 65% from last month.
If you would like more detailed information about the La Jolla real estate market, or would like to know more about specific residential areas and their market conditions (the Village, Muirlands, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please let me know.